Like most people, you’re reading this because you are interested in agriculture and want to get the required knowledge to enable you to make informed decisions and get started in Agriculture on the right footing.
Well, you are at the right place.
This post discusses the high-paying agribusinesses you can start today as you work towards your wealthy retirement.
It contains detailed information on animal husbandry and crop farming, enabling you to choose the best fit that aligns with you.
These agribusinesses have been vetted as money spinners by practicing agribusiness men and women.
As we always suggest to our clients at Agric Economy, try to always add value to your product before you sell. Studies show that adding value to an agricultural product increases its income by at least 30% and even up to 200%.
The table below gives at a glance the different high-paying agribusinesses
|Poultry and Egg production
|Ranching: Cattle, Goat, Sheep (Ram)
Let’s take a closer look at each of them.
1. Snail Farming
Snail farming is one of the most lucrative farming you can venture into in Nigeria. The demand for snails in Nigeria is high both locally and internationally. Experts claim the snail industry is worth over 12 billion dollars, with an estimated global consumption of 450,000 tons annually.
The preferred species of snails reared are the Giant African Land Snails (GALS). It consists of Achatina Fulica (East African Land Snail), Achatina Achatina (Giant Ghana Snail) and the Archachatina Marginata (Giant West African Snail).
Unlike other livestock, snail farming requires a comparatively lower startup capital, and less manpower for operations.
2. Poultry and Egg production
After the beef and goat meat, poultry meat is the third most consumed meat in Nigeria. Reports show that Nigerians consume over 1.5 million tons of poultry meat annually, and the demand for fresh poultry eggs and meat has been on a steady increase.
Currently, local production only meets 30% of the demand for poultry products, while the rest is catered for through imports. This is a clear pointer to how lucrative poultry farming in Nigeria is, and if you are considering venturing into agriculture, it should be a high priority on your list.
3. Fish farming
Fish farming is one of the most popular types of farming in Nigeria, however, the world bank reports that Nigeria’s local production meets only about 40% of the demand, while the remaining 60% is met through importation.
Catfish is the most farmed specie in Nigeria, typically grown in ponds and tanks. It accounts for over 50% of the fish locally produced in Nigeria.
The demand for catfish both locally and internationally is on a steady increase, attracting top dollar for exporters.
A lot of people are gradually realizing that honey production through beekeeping is a goldmine. The market has huge potential, from cosmetics to pharmaceuticals, medicine, and the confectionery industries, the demand for honey and its by-products keeps growing.
Studies show that the local demand for homey in Nigeria is worth 3 billion Naira annually, and when compared to the price of crude oil internationally, the cost of a barrel of honey is over 10x of a barrel of crude oil.
When fully developed, the beekeeping industry can employ thousands of individuals and add positively to the GDP of the nation.
5. Ranching: Cattle, Goat, Sheep (Ram)
Ranching is the process of maintaining herds of animals on huge parcels of land. Grazing animals like cattle, goats, and sheep are frequently raised by ranchers.
According to the Federal Ministry of Agriculture and Rural Development and the Central Bank of Nigeria, Nigeria imports roughly $1.5 billion worth of milk and dairy products every year. Nigeria consumes around 1,308,9797 tons of milk annually, of which only 523,599 tons were produced locally, or 40%; the remaining 785,398 tons, or 60%, were imported, at a cost of $1.5 billion. For those looking to invest locally in the manufacturing of milk and dairy goods in Nigeria, this promises a sizable market.
Reports suggest that ranchers are able to produce 3 times more meat and milk than the nomads, making ranching a more profitable option for livestock farming.
6. Pig Farming
Pig production is growing and caring for pigs primarily for meat (pork). This is a very lucrative business because there is a large market for pork meat in Nigeria and the flesh sells quickly. Pigs multiply frequently and grow quickly, which is another factor to take into account when thinking about this business.
There are new indicators that the value of pork consumption in Nigeria and Ghana alone is over $3 billion, with 80% of this being imported.
This shows a huge gap in the local production waiting to be filled, making pig farming a very profitable venture.
7. Rabbit farming
Rabbit farming in Nigeria is a very lucrative business. Many people prefer rabbit meat, which has a flavor that is somewhat comparable to a combination of chicken meat and bush meat.
Experts acknowledged that the short gestation period of rabbits—between 28 and 30 days, and even 33 days in some cases—makes farming them more profitable. The rabbit then gives birth to up to eight, 10, 12, 15, or even up to eighteen offspring in a litter and weans them over the course of six or two months.
8. Maize farming
Nigeria’s maize sector was estimated by the Institute of Tropical Agriculture (IITA) to be worth $6 billion, or roughly N2.5 trillion, in 2017.
According to data from the Federal Ministry of Agriculture, Nigeria produces about 10.5 metric tons of maize each year while having a demand for 15 million metric tons. This indicates that the country has a high demand for maize, with local production only meeting about 72% of the total annual demand.
This suggests that Nigerian maize growers and producers have a hefty window of opportunity.
9. Groundnut farming
Groundnut farming is one of Nigeria’s most lucrative industries due to the enormous demand for both the very nutritious seed of the groundnut and, more crucially, the edible oil produced from the seed. Both animals and humans can get a lot of cheap protein from groundnuts.
Nigeria is currently the leading producer of groundnut in Africa and the fourth largest in the world, producing approximately 1.55 million metric tonnes annually.
Growing groundnuts is still profitable in the nation; you may produce up to 5 metric tonnes of nuts per acre.
10. Cassava farming
The third-most significant crop in tropical areas after maize and rice is cassava, a very popular substance used to make starch. Cassava is processed by cooking, fermenting, and drying it in order to increase its shelf life, decrease its weight, and improve its nutritional content. The hazardous cyanogenic glucosides that are typically present in fresh cassava are further removed during processing.
Cassava often comes in a variety of forms, including pellets, chips, starch, and flour, and it has a significant amount of carbs. As a result, a sizable section of the world’s population is dependent on the product for survival because it provides traders and farmers with a means of livelihood as well as nourishment.
In addition, because cassava possesses thickening capabilities, it can be employed in a variety of industries, including cardboard, paper, beverage, ethanol, animal feed, adhesives, textile, and pharmaceutical industries.
11. Yam farming
According to the International Institute of Tropical Agriculture (IITA), Ibadan, yam is important for food security and income generation, just as 31.8% of the population in Nigeria and 26.2% of the population in Ghana depend on yams for food and income security.
Approximately 48 million tonnes of yam—or 95% of the world’s supply—are grown in the region each year on 4 million hectares, primarily in the five countries of Benin, Côte d’Ivoire, Ghana, Nigeria, and Togo. Nigeria alone produces 70% of the world’s yam.
But despite yam’s significance to the economies and daily lives of many Africans, particularly Nigerians, there are a number of obstacles that severely limit its ability to promote rural development and satisfy consumer demand.
12. Cucumber farming
Given the high demand and widespread use of cucumbers, you would definitely be able to generate a profit. If the proper agronomic methods are used and you have a strong marketing plan in place, you can earn millions of naira from cucumber farming.
Due to its health advantages, cucumber is a vegetable that is frequently consumed throughout the world. Cucumber is great for treating skin irritations, foul breath, skin irritations caused by diabetes, and cancer. It may also be used to rehydrate the body and restore dry skin. Vitamins A, B1, and B6 are also abundant in it.
Cucumbers can be consumed raw or cooked and added to soups, stews, and salads.
13. Vegetable farming
Vegetable farming is one aspect of farming in Nigeria that is capable of bringing quick cash to the agribusiness entrepreneur, as you can produce and sell throughout the entire year.
Vegetable farming happens to be one of the easiest agriculture to engage in. Any kind of edible vegetable is always in hot demand all year round.
One good example is Fluted Pumpkin popularly known as Ugwu in Igbo and across Nigeria. Others include Okra, Cabbage, Jute (Ewedu), and other greens used in soup making.
14. Beans farming
In Nigeria, beans rank with rice and cassava as one of the most popular staple foods. They are also among the most reasonably priced sources of protein.
A surprising fact about the nation’s large bean consumption is that a sizable percentage of the beans consumed are imported from the Niger Republic because t he Nigerian population’s need for beans cannot be met by the yield of the local farmers.
More bean growers are urgently needed, and the market’s demand ensures that this enterprise will likely provide investors with a decent return on their investment.
15. Pepper farming
Everybody in the world eats peppers as a vegetable. One of the most lucrative agribusinesses in Nigeria and other nations is pepper planting. Similar to cucumber and tomato cultivation, pepper planting has the potential to be remarkably profitable.
Habanero, cayenne, chilli, and sweet peppers are the most often consumed pepper varieties in Nigeria. These peppers are referred to as atarodo, shombo, ata ijosi, and tatase in Nigeria.
Farming peppers is a lucrative endeavor that pays off every year.